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[Roll Call Vote] <br />RESOLUTION NO. 2000-36 <br />RESOLUTION OF THE BOARD OF DIRECTORS OF SOUTHERN <br />CALIFORNIA PUBLIC POWER AUTHORITY (I) AUTHORIZING THE <br />EXECUTION AND DELIVERY OF A FINANCIAL GUARANTY AGREEMENT <br />BETWEEN THE AUTHORITY AND MBIA INSURANCE CORPORATION, <br />(11) AUTHORIZING THE EXECUTION AND DELIVERY OF A SECOND <br />SUPPLEMENTAL INDENTURE OF TRUST AMENDING THE SAN JUAN <br />INDENTURE, (111) APPROVING A REVISED ANNUAL BUDGET FOR THE <br />SAN JUAN PROJECT AND (1V)AUTHORIZING THE OFFICERS OF THE <br />AUTHORITY TO DO ALL THINGS DEEMED NECESSARY OR DESIRABLE <br />WHEREAS, the Southern California Public Power Authority (the "Authority") <br />has heretofore entered into an Indenture of Trust, dated as of January 1, 1993, relating to the San <br />Juan Project (as supplemented, the "San Juan Indenture"); and <br />WHEREAS, the San Juan Indenture provides for the substitution of a Debt <br />Service Reserve Account Policy (as defined in the San Juan Indenture) for moneys in the Debt <br />Service Reserve Account of the San Juan Indenture (the "Substitution"); and <br />WHEREAS, the participants in the San Juan Project desire to proceed with the <br />Substitution as one of the methods by which the participants in the San Juan Project will remain <br />competitive during the deregulation of the electric utility business in California; and <br />WHEREAS, MBIA Insurance Corporation has agreed to provide a Debt Service <br />Reserve Account Policy in order to effect the Substitution; and <br />WHEREAS, the San Juan Indenture will need to be amended in connection with <br />the Substitution; and <br />WHEREAS, the fiscal year 2000-01 Annual Budget for the San Juan Project will <br />need to be amended in connection with the Substitution in order to provide for the prompt use of <br />the moneys to be released from the Debt Service Reserve Account of the San Juan Indenture. <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the <br />Authority as follows: <br />1. Each of the President, Vice President and Executive Director of the Authority <br />is hereby authorized and directed to execute and deliver a Financial Guaranty Agreement relating <br />to the Substitution between the Authority and MBIA Insurance Corporation, in substantially the <br />form attached hereto as Exhibit A, with such changes, insertions and omissions as shall be <br />approved by said President, Vice President or Executive Director (such approval to be <br />conclusively evidenced by his execution and delivery thereof).